Binh Son Refining and Petrochemical (BSR) is about to spend 2,170 billion VND to pay dividends in 2023

With more than 3.1 billion shares in circulation, BSR plans to spend VND2,170 billion on this dividend. The list of shareholders receiving dividends will be finalized on October 15.

Binh Son Refining and Petrochemical Joint Stock Company (code BSR-UPCoM) announced the Board of Directors' resolution on approving the 2023 cash dividend payment plan at a rate of 7% (VND 700/share). The last registration date to close the list of shareholders receiving dividends is October 15. Thus, the ex-dividend date is October 14. Dividends will be paid to shareholders on November 11.

With more than 3.1 billion shares in circulation, BSR plans to spend VND2,170 billion on this dividend. Vietnam Oil and Gas Group (PVN) - the parent company currently holds nearly 2.9 billion shares (92.13%) and this unit can earn about VND2,000 billion.

According to the financial report for the second quarter of 2024, BSR achieved VND 24,429 billion in net revenue, down 27% over the same period last year. Profit after tax of the parent company's shareholders (net profit) decreased sharply by 43% to nearly VND 768 billion. The main reason is that the company temporarily suspended the operation of Dung Quat Oil Refinery to conduct general maintenance in March - April 2024, so production and consumption output both decreased compared to the same period last year. In addition, the reason also comes from the complicated fluctuations in crude oil and product prices. Accumulated in the first half of the year, revenue reached VND 55,118 billion, down 19% over the same period. Profit after tax of the parent company's shareholders decreased by 35% to VND 1,925 billion.

In addition, on May 27, 2024, the People's Court of Quang Ngai province issued a decision to open bankruptcy proceedings against the Central Petroleum Biofuel Joint Stock Company (BSR-BF). Therefore, in the financial report for the second quarter of 2024, BSR adjusted its investment in BSR-BF from an investment in a subsidiary to an investment in another unit.

In the recently released semi-annual review report, auditing firm Deloitte pointed out two issues that need to be emphasized. In particular, regarding BSR-BF, BSR has terminated its control over BSR-BF. Accordingly, BSR-BF's financial statements have ceased to be consolidated since May 27.

Recently, the company also had a resolution of the Board of Directors on approving the implementation of listing BSR shares. In particular, the company will finalize the list of shareholders to establish a shareholder register with the Vietnam Securities Depository and Clearing Corporation. In addition, BSR is also preparing to submit documents and carry out related procedures to list shares on the Ho Chi Minh City Stock Exchange (HoSE) in 2024.

As of June 30, 2024, BSR's total assets reached VND 86,243 billion, equivalent to the beginning of the year, of which bank deposits amounted to nearly VND 40,000 billion, an increase from more than VND 37,448 billion at the beginning of the year.

On the stock market, BSR's stock price closed last weekend (August 16) at VND24,100/share, an increase of about 28% compared to the beginning of the year.

Source: https://baodautu.vn/loc-hoa-dau-binh-son-bsr-sap-chi-2170-ty-dong-tra-co-tuc-nam-2023-d222743.html